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Costs of buying a house

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Posts: 17
Premium Member
Topic starter
(@bulkbiker)
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Joined: 10 months ago

I'm sure this has been asked many times before but the search function doesn't bring it up.. Can anyone advise on the probable costs of buying a house in the area in and around Albufiera?

I know that in Spain you should add about 13% onto the purchase price to cover taxes, legal fees etc and wondered if anyone had an idea of that percentage for Portugal especially in the area we are interested in.

Many thanks

Mark

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Posts: 0
 Anonymous
Joined: 52 years ago

Mark, We live just a few ks from Albufeira in the small town of Pêra, just north of Armação de Pera. Although very close, we are in the Silves district so our costs are a little different from Albufeira. But from others I know in that area, you can expect to pay about 25,000 euro tax on a 450,000 house. That is the big cost at the deed signing. After that, the yearly tax on the house is very little compared to our house in the United States. Albufeira is a tourist area and the prices are also a little higher for the house than just a few ks away or even just outside the cities. It depends on what you are looking for. If you want to be inside the city limits so you can walk to amenities, the costs are different than getting a place outside the city limits. I hope that answered your question

@peggyL

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Posts: 17
Premium Member
Topic starter
(@bulkbiker)
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Joined: 10 months ago

Thanks Peggy that's very helpful. 

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Ask Our Expats Consultant
(@petra)
Member
Joined: 9 months ago

Hi Mark

In addition to the info already posted above by Peggy,  I just wanted to give you the official link where you can calculate the IMT tax and Stamp Duty on any property you would be planning to buy here in PT.

https://apemip.pt/simulador-de-imt-e-is/

For mainland PT select Portugal Continental and select Habitação propria e permanente (permanent habitation) or Habitação Secundaria (second home or rental) depending on the type of your planned purchase.

Add to this amount the fees of and independent lawyer/sollicitor (approx. 1-2 % of the property price) and Notary fees (approx 600-800 eur).

So in general it is wise to budget for another 7-10% to spend on top of the purchase price.

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Premium Member
(@bulkbiker)
Joined: 10 months ago

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Posts: 17

@petra

Thanks for that ( I had though about 10% would cover most eventualities but its great to have it confirmed and I might even get a pleasant surprise!).

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Posts: 557
Admin
(@gerry)
Honorable Member
Joined: 2 years ago

@bulkbiker

Hi Mark,

In addition to all above, there is an article on our site which gives a general overview to buying property in Portugal. You can view via this link:

https://expatsportugal.com/buying-a-house-in-portugal-2/

Regards

Gerry

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Premium Member
(@bulkbiker)
Joined: 10 months ago

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Posts: 17

@gerry

 

Many thanks

M

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